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20121003
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. >> police on high alert following the events in spain as the new coalition government in athens braces for its first strike. >> japanese auto makers scale back production in china as anti-japan protests take their share. shares of toyota and nissan slam in reverse. >> you're watching "worldwide exchange," bringing you business news from around the globe. >>> welcome to today's program. the conference board measure went up. ignored that yesterday. >> u.s. consumers are about the only consumers who seem to be doing somewhat better these days. certainly not the case across most of europe. >> not that happy in spain. spanish police and protesters clashing in madrid last night. thousands descended on the country's parliament, demanding fresh elections and an end to cuts and tax hikes. joining us on the phone is a reporter for the newspaper. i think you've been up all night. how would you describe the mood on the streets and the strength of these clashes? >> reporter: people were, like -- people feel this anger toward politicians due to the cuts, to the social cuts. it was tense. clashes wer
. speaking of which, protesters gathering in madrid raised their call for the spanish government to resign. demonstrators again clashed with police, which left 64 injured and led to 38 arrests. prime minister rajoy's reforms have proved deeply unpopular. out to steve sedgwick now who is following the story. steve, are we expecting the intensity of the protests to increase? >> i don't think we are. they've made their point in some cases violently. this is another protest scheduled for saturday evening. just have a look at what's going on in the sxaexact area. this is the neptune fountain, this is the heart of the madrid heart and we have the five star hotel that kelly i'm sure you've stayed at many a times. and this is the area which leads up to the congress, to the parliament. and you can see there are a lot barricades waiting and ready. it's a very normal business day here ahead of what will be yet another bought of austerity for rajoy's government. this is a government that isn't one that ran up huge debt to gdps during the good time. they had ale balanced budget in the good times. it wa
, but apparently we are going to cover it. >> before we get to that, the government of hollande is about to present it first budget. its expected to whicheverdelives of tax hikes. meantime european policymakers are appraising spain's reform plan. but today the government must brace for the results of the banking stress tests that will determine the recapitalization needs of the country's most troubled lenders. we have steve sedgwick following the story in thmadrid, but firs out to stefane in paris. it sounds like there will be a contrast with the spanish budget. it's tax hikes that seem to be the focus. >> in france it will be focus on tax hikes. that's the decision about to be announced by the french government. basically 20 billion euros in additional taxes in the budget for the next year. and only 10 billion euros in spending cuts. that's the plan to reach the deficit target. that's the best case scenario because the budget is based on a growth assumption of 0.8% which seems to be far too optimistic. plenty of private economists believe the french economy won't grow more than 0.3% next year. in
they need nearly 60 billion euros more to expand the shock. the same time, the spanish government has said that the extra aid would push its budget deficit 7.4% of gdp in 2012, which is above the eu's target. so i don't know how she moves around so quickly from place to place, but from athens to madrid, here is julia. >> thanks very much, ross. you just have to bear with me if i make another freudian slip on greece versus spain. but right now, what we heard from the government over the weekend was that their deficit will be on target at 6.3%. but if you include the bank aid as you mentioned, 7.4%. they did make great pains to point out that european commission officials have not asked them to make any adjustments to reduce that number, but the question has to be asked what happens if they don't meet the deficit target of 6.3%. many analysts are expecting them to come in around 7% in terms of the target for this year. day take last week actually showed that the central government deficit came in just around 4.3% up to august. how, the full year target is 4.5% and then we're not even bringin
. this as the spanish government is apparently ready to ask for a full bailout, but is being told to wait by germany. angela merkel is reluctant to put more aid requests in front of her parliament, both sides have denied that story. but it does come just a day after meeting between the eu and sm spanish economics minister. julia is in madrid with her own thoughts on this. you heard jim says it's only a matter of time really, so we just have to work out when. >>> that's certainly what the markets expect. also the message is that it's really difficult for the germans to say, hey, these three separate times on greece, cypress and perhaps on spain particularly after they've just received the banking bailout. the biggest shift seem to be in perhaps the spanish sentiment in this article that they're ready to ask as early as this week. so critical to him. they have to think of a bailout and also the enhanced credit line. it doesn't really make a distinction between the two. but of course the budget that we got at the end of last week suggested that they were laying the foundations of course for aid and of
Search Results 0 to 4 of about 5